Summary judgment — default on loan — failure to obtain best sale price — Property Law Act 2007, s 176. The plaintiff sought summary judgment against the first defendant, WWWR Apartments Ltd, claiming for shortfall to a loan that was never fully repaid, and against the three remaining defendants, as guarantors of the loan. The first defendant was a registered company set up by the other defendants to purchase two properties. The plaintiff advanced $320,000 to the first defendant to enable the purchase. The loan was to be repaid after two years on an interest only basis, with the plaintiff taking mortgages over the properties and the other defendants guaranteeing the loan on a joint and several liability basis. After two years, the first defendant could not repay the loan but successfully sought a fresh loan from the plaintiff. This loan was again interest only, was for a term of three years, and the other defendants remained as guarantors. At the expiration of the three-year term the first defendant could not repay the loan and the plaintiff commenced a mortgagee sale process. The properties were sold by the defendants, creating a shortfall which the plaintiff was seeking to recover. The defendants submitted that an agreement with the bank was reached prior to the date the loan was due. The second defendant asserted that an arrangement was made with the bank and that the defendants relied on the belief that the plaintiff was going to re-advance the loan. However, the Judge noted that this view was inconsistent with the evidence before the Court, including an email from the bank's business manager to the second defendant that provided more information was required before a restructured application could be put together and assessed. Further, the Judge stated that even if the business manager had made the representations alleged by the second defendant, they would fall short of being capable of being relied upon, as no defined amounts or terms were discussed. The Judge entered summary judgment in favour of the plaintiff and against the first, second and fourth defendants in the principal sum of $205,799.17, with interest of 7.1 percent per annum. Summary judgment against the third defendant was adjourned. Judgment Date: 6 July 2018.